Jack Moran is the smart way to shop for life insurance in Canada

Home


Life Insurance


Travel Insurance


Disability Income


Individual Critical Illness


Group Critical Illness


Contact



Group Critical Illness Association Plan


Group vs. Individual
Critical Illness Plans
Comparison

What is a Critical Illness Plan?










Click here to get your

Instant Life Insurance Quote


Critical illness insurance is a form of health insurance that provides a tax-free lump-sum payment when you contract or are diagnosed with one of the 24 covered conditions and survive that situation usually by 30 days. Some of the covered conditions would be cancer, heart attack, stroke, bypass surgery, blindness, deafness, kidney failure etc. (see full list of covered conditions).

Group C.I. significantly differs from individual C. I. due to underwriting.
Individual C.I. is medically underwritten and part of the underwriting takes into consideration your family health history as well as your own health history. Many applications have been postponed, rated or declined because of family health history (Mother, father, siblings). Travel to foreign countries can have an adverse affect on the underwriting of an individual plan as well as activities and hobbies.

Group C.I., set up as a mandatory plan, is guaranteed issue up to $100,000.00 of benefit, without the consideration of personal pre-existing conditions or family history or where you might travel to, or the activities you are involved in.
The plan may be set up at a local association level, a Provincial Association or nationally.

The amount of coverage can vary from $10,000.00 to $100,000.00, however each association that adopted the benefit group plan would have to elect a specified amount they wanted to have in place for each member.

The cost would be based on the average age of the membership male and female. The cost would adjust only if the average age would change in the future.
Having a group plan in place will allow many people who would otherwise be declined or rated to have up to $100,000 of Critical Illness benefit in place. As there are no pre-existing conditions to be concerned with, someone, for example, who had a heart attack in the past could have a critical Illness plan and would be covered should they have another heart attack. Existing conditions, for example, multiple sclerosis, current diagnosis, would not be covered.

Group Critical Illness properly set up for the benefit of the members could attract those who chose not to be part of the membership.

The group plan would allow members, who currently do not qualify individually for C.I. coverage, to buy a plan and add this important benefit to their financial portfolio.

The plan also allows spouses to take advantage of the group plan; however, the spouse’s plan would have to be underwritten with a “knock out” medical questionnaire.

The Association would benefit financially as it would receive an administration or endorsement fee.

For more information please contact Jack Moran in Ottawa
toll-free 866-341-3220




created by WebSupport 4 U
Copyright © 2010 Jack Moran Insurance Services.
All rights reserved